Like many things in life, you tend to get what you pay for. Health insurance in Vietnam is no different. In the world of corporate health insurance, more and more companies understand the importance of not only offering health insurance as an employee benefit, but offering quality health insurance.
On paper, cheap policies may offer the same benefits as more expensive insurance policies, but in reality there are major differences in:
- Comprehensive benefits and coverage area
- Claims and direct billing
- Provider flexibility
- Terms and conditions
- Employee satisfaction (recruiting and retaining top talent)
- Stability year-over-year
Whatever you want to call it: premium health insurance, executive health insurance, comprehensive health insurance, today’s article is designed for company’s who are looking for quality international insurance, to cover their:
- Founders and Owners
- Executives and Senior Managers
- Key employees
- Families of key employees
5 Benefits of Premium Corporate Health Insurance
1. ) Comprehensive Benefits
- Inpatient Hospitalisation
- Outpatient doctor visits
- Cancer & chronic conditions
- Routine dental & vision
- Emergency Evacuation & Repatriation
- USA Coverage
Employee Assistance Program
In addition to offering traditional insurance benefits, employers can now offer complimentary Online or in-person counselling which cover topics like:
- Managing stress
- Coping with life changes
- Achieving work/life balance
- Living with anxiety or depression
- Tackling parenting concerns
- Relationship challenges
2.) International Direct Billing Network
Sleep easy knowing your key employees are covered, no matter where they work from or travel to. This includes direct billing at all the major international hospitals and clinics throughout Asia and beyond.
3.) User Experience
What good is an insurance plan if it’s hard to use? One that actually causes more harm than value it provides? That’s certainly not an employee benefit. While there is no such thing as a perfect insurer, executive health insurance tends to “just work”, giving your most valuable employees the best possible user experience.
This also means bringing technology such as phone apps, web portals where information about direct billing, hospitals, doctors, policy info, claims, etc. can all be handled.
4.) Terms & Conditions
You can get coverage for pre-existing conditions starting from 5+ employees, though the group discount wont be as big. Ideally, you want to have at least 10+ employees. Not only can pre-existing conditions be covered, you can also waive any waiting period (for example, for maternity).
Sign up process
With group insurance,you wont have to get each employee to fill out a full medical questionnaire with 20 questions about their personal medical history. The application process is streamlined.
Personal health insurance plans are very static, you’re agreeing to take out a policy with very little room for customisation. With executive company health insurance, you can customise individual benefits, adding or removing them, or adjusting limitations.
For premium company health insurance, one can expect to pay at least $1,500/employee/year.
That’s with having a pretty young employee base. Realistically, if you’re insuring higher level executive you’d expect the average age to be a bit older, which would increase the prices between: $2,000-$3,000.
Ultimately the total cost per employee will depend on:
- Age of employees
- Number of employees
- Benefits offered and benefit limitations
- Coverage Area
- Terms and Conditions
Here are some real quote summaries sent to real companies, and a bit of additional information about their demographics:
|Number of Members|
|Asia excl. SG, HK, and CN||Worldwide excl. USA|
Worldwide excl. USA
Annual Health Checks
|Employee Assistance Program|
Inpatient + Outpatient worldwide
|Inpatient + Outpatient worldwide|
Inpatient + Outpatient worldwide
Avg. Annual Premium per Employee
Annual, Semi-Annual (4%) or Quarterly (5%)
Employer gets pro-rated refund regardless of claims